Paul Krugman, that super smart Princeton economics professor and New York Times columnist, would have us believe that the only answer to our economic woes is even more massive federal government spending.
His notion is that deficit spending and national debt are inconsequential and that once the economy has fully recovered, then government spending can be reduced. If Mr. Krugman had his way, then we would be running two trillion dollar yearly deficits and the federal government would spend our way to prosperity.
What he fails to grasp is that once those budgets get set, there is no going back. Just look what happens when even fractional reductions in spending are proposed or implemented. People line up on the news to tell us how many cancer patients will die from a lack of research or how many needy children will starve. Doesnt it seem logical that at some point servicing such a massive debt will take a large percentage of the budget and that something would have to give?
What would really help the economy would be to reduce the burdensome regulations and taxes on private enterprise and let the somewhat free market create the jobs to spur the economy. That will grow the economy without mortgaging our future. There are many necessary and worthwhile budget items to spend money on, but spending money just to spend it isnt one of them.